Current Final

Author: News Desk

  • Pakistan Stock Exchange surpasses 46,000 mark for the first time in 15 months

    Pakistan Stock Exchange surpasses 46,000 mark for the first time in 15 months

    The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index experienced significant gains on Friday, rising by over 500 points and closing just below the 46,000 mark.

    The index reached 46,073.61 points at 3:47 pm, showing a notable increase of 675.30 points from the previous day’s closing of 45,398.31. However, by the end of the day, it closed at 45,920.73, up by 522.42 points or 1.15 per cent.

    According to Dawn, Ahsan Mehanti, the Director of Arif Habib Corporation, mentioned that foreign capital was actively buying shares in the energy sector. He attributed the stock market rally to favorable financial results, the Islamabad High Court’s ruling declaring the imposition of a super tax on various companies unlawful, and reports indicating the policy rate would remain unchanged.

    As a result of these factors, the index reached the 46,000 mark after a gap of 15 months, signaling an overall improvement in all sectors. Mehanti also pointed out the positive impact of the recently announced standby agreement with the International Monetary Fund (IMF).

    Looking ahead, if the market continues to close above 46,000, it is expected to see further growth. Amir Shehzad, Director of First National Equities Limited, referred to the recent market fluctuations as a “technical correction” and expressed optimism that the market could surpass the 47,000 point barrier in the coming week. He believed that maintaining an unchanged monetary policy by the central bank would likely have a positive effect on the market, possibly leading to new record levels.

  • Zara Shahjahan’s Pakistani passport tweet triggers debate on privilege

    Zara Shahjahan’s Pakistani passport tweet triggers debate on privilege

    Designer Zara Shahjahan landed in a social media storm on Friday when her tweet about a recent survey that ranked Pakistani passport as the fourth worst in the world, went viral.

    Her take divided social media with most agreeing with her, while others saying she was unaware of the privilege and wealth she had, easing most travel hurdles

    She had written:

    “This shows nothing. I’ve travelled he world with my Pakistani passport and would never give it up for any other. This is a lie.”

    Some people agreed with the fashion designer, saying that they never had a problem in travelling abroad with the Pakistani passport.

    While others called her out for what they said was an elitist take, sharing their own experiences of difficulty in getting visas.

    One user wrote: “I got my visa after a whole damn year to come to Australia. I applied in 2015 and made it there in 2017. The problem was, that I had a full scholarship and not a lot of my own funds to show. See, if you’ve got a lot of $$$ in the bank, visas can come as easy as this stupid take.”

    https://twitter.com/theD_inDNA/status/1682366267775385601?s=20
    https://twitter.com/someaningfull/status/1682328267515211778?s=20
  • Ishaq Dar, Khwaja Asif in the committee formed by PM to hold consultations for caretaker setup

    Ishaq Dar, Khwaja Asif in the committee formed by PM to hold consultations for caretaker setup

    Prime Minister Shehbaz Sharif has formed a five-member committee of the Pakistan Muslim League-Nawaz (PML-N) to hold consultations with allies on the upcoming caretaker setup in the country, Geo News has reported

    The provincial assemblies of Sindh and Baluchistan will also be dissolved next month, in August, along with the National Assembly.

    Ishaq Dar, Ahsan Iqbal, Khawaja Saad Rafiq, Sardar Ayaz Sadiq and Khawaja Muhammad Asif are members of the committee tasked with consulting with allies on the upcoming caretaker setup.

    According to sources in PML-N, the panel will start its work right away. PM Shehbaz has also advised other parties to form such panels, as it will be helpful in the matter of caretaker setup.

    According to multiple sources, one of the major parties in the ruling alliance wants the caretaker PM of its choice.

    Interestingly, the government is not consulting political forces outside the parliament.

    Earlier, the vice president (VC) of Pakistan Tehreek-e-Insaf (PTI), Shah Mehmood Qureshi, had complained that PTI has not been kept in the loop in the matter of the caretaker setup.

  • Govt gives nod to massive power tariff hike to meet IMF demands

    Govt gives nod to massive power tariff hike to meet IMF demands

    In a recent late-night development, the federal cabinet of Pakistan has given its approval for a significant increase in the electricity base tariff. This decision comes as part of the country’s efforts to meet the conditions set by the International Monetary Fund (IMF).

    According to the information provided by insiders, the federal government has decided to raise the basic power tariff for various consumer categories, with the increase ranging from Rs3 to Rs7.5 per unit.

    The National Electric Power Regulatory Authority (Nepra) played a pivotal role in this decision, as the cabinet approved the tariff hike based on Nepra’s recommendation.

    For non-protected residential consumers who use 1 to 100 units, the proposed increase is Rs3 per unit, which will elevate the current cost from Rs13.48 per unit to Rs16.48 per unit.

    Similarly, residential consumers using above 700 units might see a significant increase of Rs7.5 per unit, raising the existing rate from Rs35.22 per unit to Rs42.72 per unit.

    The government has now referred the matter to Nepra, which will conduct a public hearing to gather input and make a final decision before releasing an official notification. If approved, the new tariff will take effect from July 1.

    It is noteworthy that Nepra had already granted the federal government an increase of Rs4.96 per unit in the base electricity tariff on July 14.

    This move aligns with Prime Minister Shehbaz Sharif’s commitment to IMF Managing Director Kristalina Georgieva, assuring full adherence to the agreement made with the global lender, leaving no room for any violation.

  • Police arrest four suspects involved in allegedly raping, parading women naked in India

    Police arrest four suspects involved in allegedly raping, parading women naked in India

    Police on Friday have taken four individuals into custody in connection with a distressing incident where two women were paraded naked in front of a mob in the northeastern state of Manipur in India.

    Local police confirmed the arrest of the four main accused, as announced on their official Twitter account.

    The action has been taken after over two months of the incident happening in the troubled district. Public outrage exerted pressure on the state government, led by the Hindu-nationalist Bharatiya Janata Party (BJP), and four culprits were apprehended.

    The suspects came to light after a video of the incident surfaced on social media in early May, garnering nationwide outrage. The video depicted the women being subjected to humiliation and harassment by a jeering mob while walking naked along a street in the state.

    The country’s Supreme Court took notice of the horrifying incident and issued a warning to Modi’s government, urging immediate action, with the implication that the court would intervene if necessary.

    Prime Minister Narendra Modi finally broke his silence on the matter, after facing harsh criticism by lawmakers and public. He said that the country was “shamed” by the incident.

    The incident occurred against the backdrop of months of ethnic violence that has resulted in at least 120 fatalities. The situation has been further exacerbated by the imposition of an internet shutdown by the Indian authorities in the area.

  • Another Pakistani artist receives global praise as Ustad Noor Bakhsh gets featured in Guardian

    Another Pakistani artist receives global praise as Ustad Noor Bakhsh gets featured in Guardian

    Ustad Noor Bakhsh made our hearts swell when a viral video on Twitter showed him playing to an enthralled bar in Berlin. The video received more than a million likes on social media platforms, which is amazing because this was the Baloch musician’s first ever tour to Europe.

    Now, Noor Bakhsh has been featured in the prestigious Guardian, where he opened up about how he came to embrace his musical talent. He revealed that he was born in a nomadic family that herded goats and cattle across Makran in Balochistan. At the age of 12, he was selected by his master, Ustaad Khuda Baksh, to become his pupil. Two years later, Noor Bakhsh began performing at weddings and healing ceremonies, and a year later he was singer Sabzal Sami’s accompanist.

    When Noor Bakhsh was 16, he relocated to Turbat where Sami arranged his marriage so he would stay there- and continued to do so for the next 30 years. Noor Baksh still kept pushing himself to learn to sing by listening to the legendary benju player Bilawal and Misri Khan Jamali, who played the alghoza. He went through tragedies in the meantime, including the death of his first wife and then two sons.

    It was through meeting Ahmed, his manager, who teaches Anthropology at Habib University and discovered him after watching a viral video of him on Facebook, when Noor Bakhsh catapulted to fame. He introduced Noor Bakhsh to British-Pakistani DJ and producer Nabihah Iqbal who was organising the first Boiler Room show in Karachi, and described the Baloch musician as incredible, whom she couldn’t just ignore:

    “His music is just incredible and [his instrument] is kind of unusual, even in Pakistan,” gushed Iqbal.

  • ‘It got my mind away from stuff’: Kim Kardashian regrets fast Pete Davidson relationship

    ‘It got my mind away from stuff’: Kim Kardashian regrets fast Pete Davidson relationship

    Kim Kardashian opened up about how she regretted jumping in to her relationship with Saturday Night Live (SNL) alum Pete Davidson after she divorced her husband Kanye West, saying that she should have healed and then moved on.

    Speaking on an episode of ‘Keeping Up With The Kardashians’, the reality TV star revealed that getting into a relationship with Pete helped distract her from the mess of her divorce.

    “I definitely jumped into another relationship so fast,” revealed the ‘Skims’ founder. “It got my mind away from, like, stuff, and that’s not a way to, like, run from things.”

    Speaking to her siblings Kendall and Kylie, Kim said that its better to “feel, deal, heal”.

    Kim and Pete had a whirlwind nine month romance, after Kim starred in an SNL episode in 2021 where she and Pete kissed. The two made it official when they walked the Met Gala together. Pete later got four tattoos dedicated to Kim.

  • Painful IMF compliance, but no new taxes on agriculture and real estate, clarifies Dar

    Painful IMF compliance, but no new taxes on agriculture and real estate, clarifies Dar

    Finance Minister Ishaq Dar made a resolute declaration on Thursday, assuring the public that the coalition government, despite having taken stern measures that burdened the masses, has no intentions of imposing additional taxes on the agriculture and real estate sectors.

    Speaking passionately on the floor of the National Assembly, Dar firmly stated, “I want to state categorically […] that no new tax will be imposed on agriculture or real estate. We have endured much pain in meeting the IMF’s conditions.”

    This assurance comes in the wake of the International Monetary Fund (IMF) approving a $3 billion bailout program for Pakistan, with $1.2 billion already disbursed to help stabilise the nation’s struggling economy.

    Media reports had indicated that the IMF requested a plan from the government to impose taxes on the real estate and agricultural sectors as a condition to release the remaining funds. The news caused concern among those associated with the agriculture sector, especially since the government had expanded the loan volume to support it in the budget.

    Dar emphasised that all prior actions demanded by the lender had been successfully completed, and the agreement with the IMF was carried out in a transparent manner. He reassured the public, “No further burden will be passed on to the people. All the commitments made with the IMF are available on the finance ministry’s website.”

    The positive effects of the deal are already evident, with investors in the country experiencing relief in the stocks, exchange rate, and bonds markets. Additionally, longstanding allies Saudi Arabia and the United Arab Emirates have recently deposited $3 billion in Pakistan’s central bank, while China rolled over $5 billion in loans over the past three months to prevent the country from defaulting.

    In light of the IMF’s observation that both agriculture and construction sectors are under-taxed in Pakistan, economist Khaqan Hassan Najeeb stressed their significance in broadening the tax base and promoting progressivism.

    Regarding the real estate sector, Najeeb advocated for a genuine capital gains tax, levied at the marginal income tax rate of the individual making the capital gains over the years, to encourage investment from unproductive real estate to more productive sectors like manufacturing.

    Read more: Pakistan’s petroleum dealers temporarily postpone nationwide petrol pump shutdown

    However, Najeeb acknowledged that such reforms would be better suited for implementation by a long-term new government after the upcoming elections. Moreover, he highlighted that provincial governments hold authority over agriculture income tax, which presently contributes only insignificantly. He urged provinces to contemplate a progressive income tax on agriculture, considering the size of farm holdings.

    With Minister Dar’s assurance and the IMF’s support, Pakistan’s economic prospects seem brighter, but the road ahead calls for careful consideration and judicious decision-making to ensure a sustainable and progressive financial future.

  • Pakistan’s petroleum dealers temporarily postpone nationwide petrol pump shutdown

    Pakistan’s petroleum dealers temporarily postpone nationwide petrol pump shutdown

    Pakistan Petroleum Dealers Association (PPDA) has postponed its planned nationwide strike to shut down fuel pumps for two days following successful negotiations with State Minister for Petroleum, Musadik Malik, who arrived in Karachi today (Friday) to address their concerns.

    In their statement, PPDA conveyed the possibility of holding further discussions with the government after the two-day period. Initially, the association had announced the shutdown of all petrol pumps across Pakistan on July 22 at 6 pm, demanding an increase in profit margins amid the ongoing inflation crisis.

    The PPDA’s concerns primarily revolve around the impact of high interest rates and inflation on their businesses, leading them to call for an increase in the dealership margin. They also raised the issue of declining sales due to the smuggling of Iranian fuel into the country.

    Abdul Sami Khan, chairman of the association, informed Reuters that approximately 8,000-9,000 operators, represented by the PPDA, were prepared to shut down operations on July 22.

    The supply of petrol will remain suspended until the demands put forth by the PPDA are met by the government. This decision comes at a time when Pakistan is grappling with a weakening currency and soaring inflation, with the national rate reaching 29.4% in June, down from the record high of 38% in May.

    In May of the previous year, Pakistan’s oil industry had requested a Rs12/litre margin on high-speed diesel (HSD) and Mogas (petrol) for oil marketing companies (OMCs) due to the high cost of conducting business, leading to financial hardships.

    The PPDA highlighted various challenges faced by the oil industry, including increased fuel prices in the international market, exchange rate fluctuations, higher interest rates resulting in inventory holding costs, credit letter confirmation charges leading to higher demurrages, and a high turnover tax of 0.5 per cent.

    Although the Economic Coordination Committee (ECC) had revised the margin for HSD and Mogas to Rs6/litre during the current year based on a decision taken on October 31, 2022, the PPDA insists that this revision is insufficient and requires urgent review.

  • Supreme Court will intervene if martial law-like situation happens

    Supreme Court will intervene if martial law-like situation happens

    If a martial law-like situation arises, then the Supreme Court will intervene, the apex court has said during a hearing on petitions against the trials of civilians in military courts.

    Chief Justice Umar Atta Bandial said that the present case is not related to the death penalty.

    Attorney General for Pakistan (AGP) Mansoor Usman Awan describes the procedure of military trials in court.

    A six-member larger bench headed by the Chief Justice of Pakistan, Umar Atta Bandial, is hearing the case. Justice Ijazul Ahsan, Justice Munib Akhtar, Justice Yahya Afridi, Justice Sayyed Mazahar Ali Akbar Naqvi, and Justice Ayesha Malik are part of the larger bench.

    The AGP said in his arguments that incidents like May 9 have never happened in the history. He also mentioned that the faces of the people involved in May 9 riots are very clear.

    The Attorney General said that the court should adjourn further hearing for a month. In response, the chief justice said that the court will consult with each other and inform him about the next hearing date.

    Journalist Hasnaat Malik tweeted after the hearing, “So final fate of civilian’s trial in military courts will be decided during next CJP era. CJP Bandial wants stay in commencement of civilians trials till his retirement. He also made it clear that there is no martial law in the country”.